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GAS OIL Oil prices rose for the first time in three weeks. Fading ceasefire hopes and renewed Russian airstrikes near Ukraine’s EU border, coupled with Ukraine’s retaliation against a Russian refinery and the Unecha pumping station on the Druzhba pipeline, underlined Europe’s energy vulnerabilities. Indian refiners pursued discounted crude despite looming U.S. and EU tariffs, while a 6-million-barrel drop in U.S. crude stocks signaled stronger-than-expected demand, further supporting prices. As a result, Brent crude gained around 3% for the week ,closing at $67.73 per barrel. August 25, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices15.08.2522.08.25636465666768697015.08.2518.08.2519.08.2520.08.2521.08.2522.08.25$/bblBrentBritish near-term gas prices rallied for the week amid rising demand and tightening supply. The Norwegian Continental Shelf is set for its busiest maintenance period of the year starting on Wednesday and continuing until late September. Up to half of Norway’s gas production capacity could be offline during this period, substantially affecting pipeline deliveries to the UK and continental Europe. As a result, NBP spot surged by about 12% for the week, ending at 83.75 p/therm. Further out the curve, the gas price for Win-25 delivery soared by about 7% week-on-week, closing at 89.56 p/therm. Geopolitical tensions heightened as markets responded to stalled peace talks and fresh sanctions affecting Russian energy supplies.